Can I opt for both federal and state exemptions in bankruptcy?
Date: Mon, 01/14/2019 - 20:58
Can I opt for both federal and state exemptions in bankruptcy?
I live in NC. I have filed Chapter 7 bankruptcy last week. My question is, when it comes to homestead exemption, can I use double exemptions
No. You can't. States like
No. You can't. States like Minnesota, Massachusetts, Alaska, New Jersey, New York, Wisconsin, etc. allow you to enjoy double exemptions. But in North Carolina, you have to choose between federal exemption and state exemption. Okay.
If you're filing a joint bankruptcy alongwith your spouse, then you can enjoy double homestead exemption. You can protect up to $70,000 worth of equity in your home.
In NC, you can exempt up to $35,000 of your home. If you're above 65 with a deceased spouse, then you can exempt up to $60,000 under the homestead exemption.
